Officials in the administration of Donald Trump will meet Monday in Washington with banking and cryptocurrency executives to discuss the stalled CLARITY Act and how it treats interest and other rewards on dollar-pegged stablecoins, according to people familiar. The meeting will be hosted by the White House crypto council and will gather industry trade groups.
The CLARITY Act has been held up in the Senate for months, and a scheduled Banking Committee vote was postponed earlier this month. The bill seeks to clarify digital-asset regulation and divide oversight between the SEC and the CFTC.
Progress has stalled over whether third parties may offer yield on stablecoins, a point of contention in recent months. The GENIUS Act, passed in July 2025, bars issuers from paying interest but leaves open whether exchanges or intermediaries can provide rewards.
Bank lobbyists have pushed Congress to forbid third-party stablecoin yield, warning it could trigger deposit flight and weaken banks; Bank of America CEO Brian Moynihan warned interest-bearing stablecoins could draw as much as $6 trillion from U.S. banks. Crypto firms such as Coinbase offer rewards, and its CEO Brian Armstrong withdrew support for the bill, posting that he would “rather have no bill than a bad bill.” See Brian Armstrong’s post. A related video clip was also embedded with the original coverage.
Support for the Senate proposal remains mixed, with groups like Coin Center, a16z, the Digital Chamber, Kraken and Ripple expressing backing.
